Cancer biologics are special pharmaceutical and biological drugs used to treat cancer that work with the body's natural disease-fighting ability. They include monoclonal antibodies, interleukins, hematopoietic growth factors, and other immune and non-immunotherapies for the treatment of various cancer types. Cancer biologics provide effective treatment options and have fewer side effects than traditional chemotherapy drugs.
The global Cancer Biologics Market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The global cancer biologics market growth is primarily driven by the rise in adoption of targeted therapies over traditional chemotherapy drugs due to their effectiveness and fewer side effects. Targeted therapy drugs target specific vulnerabilities within cancer cells or their surrounding microenvironment. They work on specific molecular targets associated with cancer cell progression and growth with minimal effects on normal cells. Some key targeted therapy cancer biologics include bevacizumab, cetuximab, trastuzumab, rituximab, and nivolumab. Technological advancements in the field of biologics and development of next-gen biologics with novel mechanisms of action are also expected to contribute to the market growth over the forecast period.
Segment Analysis
The global cancer biologics market is dominated by monoclonal antibodies segment. Monoclonal antibodies account for over 54% share of the global market. This is because monoclonal antibodies are highly effective and have a mechanism of action that selectively targets cancer cells while sparing healthy cells, thus offering high efficacy and reasonable safety profiles.
Key Takeaways
The Global Cancer Biologics Market Share is expected to witness high growth. The market size is projected to grow from US$ 94.5 Bn in 2023 to reach over US$ 132.7 Bn by 2030, expanding at a CAGR of 4.1% during the forecast period.
Regional analysis
North America is currently the dominant region in the global cancer biologics market and is expected to maintain its dominance during the forecast period. This is attributed to factors such as rapidly increasing prevalence of cancer, strong R&D activities, and adoption of advanced technologies in the region.
Key players
Key players operating in the cancer biologics market are F. Hoffmann-La Roche Ltd., Amgen, Inc., Pfizer, Inc., GSK plc., Bristol-Myers Squibb Company, Abbott, AstraZeneca, Eli Lilly and Company, Gilead Sciences, Inc., and Johnson & Johnson Services, Inc. Amgen Inc. dominates the market and is the leading player owing to its robust oncology product portfolio and strong market presence globally.
Get More Insights Here
https://masstamilan.in/rise-of-off-price-retail-choosing-value-over-high-prices/
https://www.newswirestats.com/cancer-biologics-market-size-share-growth-outlook-2023/
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